Newark, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 0.9 billion cardiac safety services market will reach USD 2.7 billion by 2032. Along with the QT tests, these services include physiologic stress testing, non-invasive cardiac imaging, platelet aggregation, ambulatory blood pressure monitoring, and other things. Due to the peculiarity of standalone services, integrated services that offer cardiac safety services are typically preferred over standalone services due to the grouping of services with an emphasis on end-to-end development. Cardiovascular safety liabilities, such as medications with cardiovascular and non-cardiovascular effects, impact all cardiovascular system components, including the heart, blood arteries, and blood contents. Cardiovascular side effects can occur as a result of either acute or ongoing treatment, and they can be either functional or structural (such as histopathology).
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In an era of increasing public scrutiny, rising company costs, and constrained regulatory agency resources, the need for efficient yet secure drug development is more critical than ever. The leading cause of death worldwide is cardiovascular disease (CVD), which accounts for 17.9 million deaths annually. The heart and blood vessel disorders known as CVDs include cerebral vascular disease, coronary heart disease, rheumatic heart disease, and other conditions.
Key Insight of the cardiac safety services market
North America to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest cardiac safety services market share. The region's substantial industrial base and growing demand for cardiac safety services from the oil and gas industry support the market growth. The market is also predicted to expand due to multiple initiatives launched by governments of various nations to draw in investments from numerous multinational corporations throughout the forecast period. China and India are the two primary economic players in the region.
Integrated services segment dominated the market with the largest market revenue of 0.54 billion.
Integrated services segment dominated the market with the largest market revenue of 0.54 billion. The amount of money the region spends on healthcare and its growth rate over time is influenced by various economic and social factors, including the health system's financial arrangements and administrative structure. Healthcare spending has increased in developed and developing countries as the typical person's disposable income rises.
ECG/Holter measurement segment accounted for the largest share of the market, with 34% and a market revenue of 0.30 billion.
ECG/Holter measurement segment accounted for the largest share of the market, with 34% and a market revenue of 0.30 billion. This segment's expansion is primarily attributable to an increase in the number of elderly people and the prevalence of cardiovascular disorders. It has been noted that heart disease is the top cause of mortality in the United States, according to statistics from Health System Tracker, 2022. By 2030, the World Heart Federation predicts that there will be more than 23 million annual deaths from CVD. These reasons make immediate heartbeat detection and continuous heart rate monitoring equipment necessary.
Contract research organisations segment dominated the market with the largest revenue of 0.39 billion.
Contract research organisations segment dominated the market with the largest market revenue of 0.39 billion. Clinical trials are carried out by contract research organisations (CROs) for the pharmaceutical, medical device, and biotechnology sectors and educational institutions, governmental agencies, and nonprofits.
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Advancement in Market
● In August 2022, RWJBarnabas Health, a New Jersey network of independent healthcare providers, was purchased by Labcorp. By making this acquisition, LabCorp hoped to provide patients with decreased out-of-pocket lab fees, improved service to remote regions, and greater health plan coverage.
● In June 2022, The Banook Group opened its first US office in Boston, Massachusetts, broadening its geographic reach. Since 40% of Banook's customers are headquartered in this area, the company wanted to remove time zone restrictions while improving technical and logistical support for its clients. The expansion facilitated the company's growth in the North American market and ability to provide local service to its 70 present US customers.
Market Dynamics
Drivers: Growing Demand for Biologics
Numerous companies in biologics and biosimilar substances are making significant expenditures. Biologics such as peptides, proteins, and monoclonal antibodies make up more than half of the therapeutic candidates at the discovery stage. As novel biologics are being created or are in the pipeline, the pharmaceutical and biopharmaceutical industries are substantially funding their research and development. Because they are generic versions of copyrighted biologic drugs, biosimilars are also less expensive because they are not held to the same stringent regulatory criteria. CROs face challenges in attracting and retaining highly talented workers as they compete for trained and experienced scientists in the biotechnology, pharmaceutical, and medical device industries and research and academic organisations.
Restraint: Lack of Qualified Professionals
The pharmaceutical, biotechnology, and medical device R&D outsourcing industries are constantly evolving. Highly qualified professionals must provide high-quality services, follow accepted laboratory practices, and keep up with current medical device and pharmaceutical R&D technologies and methodologies advancements.
Opportunity: High Prevalence
The cardiac safety services market is anticipated to grow over the forecast period due to driving factors, including strict regulations for minimizing air pollution and rising natural gas demand. As natural gas is used more frequently as an energy source in many applications and industries, there is an increasing need for cardiac safety services. Removing carbon dioxide and hydrogen sulfide complies with environmental requirements and can be used as a clean energy source.
Challenge: Maintenance Issues
It is essential to assess and communicate clinical cardiac safety data accurately. An evaluation of cardiac safety is required to approve and recall any medical product. Therefore, it is essential to do the cardiac safety evaluation following legal procedure; otherwise, the product may not be approved promptly, which is projected to slow the market's growth.
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Some of the major players operating in the cardiac safety services market are:
● Koninklijke Philips N.V.
● Clario
● IQVIA Holdings, Inc.
● Laboratory Corporation of America Holdings
● Pharmaceutical Product Development, Inc.
● SGS S.A.
● Banook Group
● Biotrial Research SAS
● Certara, Inc.
● Celerion
Key Segments cover in the market:
By Type:
● Integrated Service
● Standalone Service
By Service Type:
● ECG/Holter Measurement
● Blood Pressure Measurement
● Cardiovascular Imaging
● Thorough QT Studies
● Others
By End-User:
● Pharmaceutical and Biopharmaceutical Companies
● Contract Research Organizations
● Others
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About the report:
The global cardiac safety services market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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